In an article in the Journal of Management, Joseph Martocchiostudied and estimated the costs of employee absences. Assume aninfinite population. The mean amount of paid time lost during athree-month period was 1.0 day per employee with a standarddeviation of 1.4 days. The mean amount of unpaid time lost during athree month period was 1.2 days per employee with a standarddeviation of 1.6 days. Suppose we randomly select a sample of 100blue-collar workers.
- What is the probability that the average amount ofpaid time lost during a three-month period for the 100 blue-collarworkers will exceed 1.5 days?
- What is the probability that the average amount ofunpaid time lost during a three-month period for the 100blue-collar workers will be between 1.4 and 1.5 days?Please give a precise explanation, as if you are tellingsomeone who doesn’t know anything about statistics, for thereasoning behind your answer?
- How large a random sample is needed to construct a 95percent confidence interval for the mean for population paid timelost with a margin of error equal to 0.1? Please give aprecise explanation, as if you are telling someone who doesn't knowanything about statistics for the reasoning behind youranswer.
